MOSCOW (AP) — Leaders of the five countries along the Caspian Sea have signed a convention aimed at ending decades-long uncertainty over exploitation of its resources.
The agreement signed Sunday in Aktau, Kazakhstan, by the presidents of Russia, Iran, Azerbaijan, Turkmenistan and Kazakhstan, establishes rules for declaring each country’s territorial waters and fishing zones. But the issue of how the seabed, which contains rich oil fields, will be delineated between the countries remains subject to further negotiations.
Iranian President Hasan Rouhani, according to the news agency Interfax, says “this issue will be settled additionally in the course of agreements between the relevant parties.”
The legal status of the Caspian Sea, the world’s largest inland body of water, had been unresolved since the 1991 collapse of the Soviet Union.
Most Read Business Stories
- Renter boom: Apartments filling up faster in Seattle area than anywhere in the U.S.
- Battered SpaceX Falcon Heavy booster knocked over at sea returns to Port Canaveral
- Downtown congestion tolling — Seattle needs to go with eyes wide open | Jon Talton
- Lauren Sanchez files for divorce after Bezos split finalized
- This Seattle-area CEO made more than the heads of Microsoft and Starbucks — and he’s not in the tech sector